CommBank latest to join stampede on fixed rate home loan cuts

By Tom Watson · · 2 min read
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The Commonwealth Bank has become the latest lender to jump on the rate cut bandwagon by announcing a number of cuts to it fixed home loan rates this morning which will come into effect immediately.

CommBank made cuts of between 10 and 30 basis points to a variety of its packaged and unpackaged fixed rate loans for both owner occupiers and investors making principal and interest repayments.

Some of the major changes included:

Fixed Rate (Wealth Package) owner occupier fixed rate cuts

• 3 year fixed rate: Reduced from 3.89% to 3.79% (4.98% comparison rate*)

• 4 year fixed rate: Reduced from 4.19% to 4.09% (5.00% comparison rate*)

• 5 year fixed rate: Reduced from 4.39% to 4.09% (4.94% comparison rate*)

Fixed Rate (Wealth Package) investor fixed rate cuts

• 2 year fixed rate: Reduced from 3.99% to 3.89% (5.54% comparison rate*)

• 3 year fixed rate: Reduced from 4.09% to 3.99% (5.44% comparison rate*)

• 5 year fixed rate: Reduced from 4.49% to 4.39% (5.39% comparison rate*)

The cuts may be welcome news to mortgage holders looking to fix their loans, as the largest 30 basis point reduction on the Fixed Rate (Wealth Package) 5 fixed term for owner occupiers making principal and interest repayments (based on a $400,000 loan) would save customers $4,260 over the five years.

CommBank wasn’t the only lender to announce a rate reduction though, with Bendigo Bank stating that it will cut variable rates on its Express Home Loan (by 10 basis points) and Basic Home Loan (20 basis points) from April 12, 2019.

The changes mean that the Bendigo Express Home Loan variable rate will sit at 3.79% (4.09% comparison rate*) while the Basic Home Loan rate will also be 3.79% (4.07% comparison rate*).

Recent fixed rate home loan cuts

According to the Mozo database, the Commonwealth Bank is just the latest lender to reduce its fixed rate offers, with 23 other providers having made cuts to at least one fixed rate home loan since the start of March.

Some of the notable recent fixed rate changes include:

Adelaide Bank: Made cuts ranging from 5 to 41 basis to its fixed rate products.

AMP: Cut between 13 and 87 basis points from select owner occupier and investor fixed rate loans.

CommBank: Slashed fixed rates for owner occupiers and investors between 10 and 30 basis points.

loans.com.au: Introduced a new 3 year fixed rate deal of 3.59% (3.89% comparison rate*) for owner occupiers.

NAB: Reduced a range of fixed rate home loans for both owner occupiers and borrowers with cuts from 5 to 34 basis points.

Suncorp: Made changes to 5 year fixed rate terms for both owner occupiers and investors ranging from 20 to 70 basis points.  

Interested in comparing fixed rate home loans for yourself? Check out some of the great offers below, or head over to the Mozo fixed rate home loan comparison hub for even more deals.

Fixed home loan offers 2019 - last updated 11 December 2023

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Home Fixed Rate

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.40% p.a.
    fixed 4 years
    6.24% p.a.

    Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.

    Go to site
    Details
  • Basic Home Loan

    Fixed, Investment, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.79% p.a.
    fixed 3 years
    6.64% p.a.

    Lock in repayments from 1 to 5 years. Competitive rate tiers depending on your LVR. No application or annual fee. Fast, secure online application.

    Go to site
    Details

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.